Shares in Genel Energy were trading up 6 percent on Monday afternoon after the company announced that it has reached agreement to acquire stakes in the Chevron-operated Sarta and Qara Dagh blocks (pictured), in the Kurdistan Region of Iraq.
Genel will acquire 30% equity in the Sarta licence by paying a 50% share of ongoing field development costs until a specific production target is reached, together with a success fee payable on achievement of a production milestone. Chevron will retain a 50% interest in the Sarta licence and the Kurdistan Regional Government will hold the remaining 20%. Genel’s estimate of its total spend up to end-2020 is c.$60 million.
Drilling began on the first appraisal well, Sarta-3, in Q4 2017. The well was successfully completed and tested during the second quarter of 2018. Both that and the Sarta-2 well individually tested at rates of c.7,500 bopd. The first phase of development is expected to see these wells placed on production.
Genel will acquire 40% equity of the Qara Dagh appraisal licence and become the operator through a carry arrangement. Chevron will retain 40% of the equity, with the KRG holding the remaining 20%. The Qara Dagh-2 well is set to be drilled in 2020. The Qara Dagh-1 well, completed in 2011, tested oil in two zones from the Shiranish formation.
Closing is subject to approval from the Kurdistan Regional Government.
Murat Özgül, Chief Executive of Genel, said:
“We are delighted to have been chosen as a partner to Chevron. The agreement provides access to a phased development opportunity with significant growth potential at Sarta, and an exciting appraisal opportunity at Qara Dagh. The additions to our portfolio are an important step in our diversification strategy, offering a further opportunity for near-term production and cash-generation.”
(Sources: Genel Energy, Yahoo!)
Source: Iraq-BusinessNews.com.
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The state-owned Trade Bank of Iraq (TBI) has been recognised for its outstanding performance and service, taking home two awards at the International Finance Awards 2018.
London based ‘International Finance’ magazine rewarded TBI’s continued commitment towards providing modern banking services in Iraq, presenting the ‘Best Retail Bank’ and ‘Best Priority Bank’ awards during a special ceremony held at the Jumeirah Emirates Towers in Dubai.
Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, who received the awards at the ceremony said:
“We are pleased to receive this esteemed award, which recognises our strong and personalised customer service along with our portfolio of retail products and priority services.
“These awards are not only an acknowledgement of TBI’s continuous efforts, but also a testimonial to the quality of the bank’s products and services, which have brought great satisfaction to customers.
“Setting new standards in the retail products and priority services through innovation and outstanding performance has always been one of the core strategic focus of our business and will continue to be the same for us going forward.”
TBI was established in July 2003 with the aim of helping in the reconstruction of Iraq by facilitating international trade and continues to be at the forefront of large-scale infrastructure developments across the country.
The institution’s financial network and expertise plays a significant role in sourcing and securing funding for projects. It established its first international office in the UAE in 2017 and has since signed several agreements with global banks and finance firms to help fund infrastructure projects inside Iraq.
Faisal Al Haimus added:
“This recognition is proof of the Bank’s constant ability to deliver a strong and solid performance. We will continue to innovate, improve and enhance our service quality to meet the growing demands, needs and expectations of our customers.”
International Finance Awards recognises industry talent, leadership skills, industry net worth and capability on an international platform. Winning banks were selected through a board of industry specialists drawn from international ratings agencies and some of the world’s leading financial centres after undergoing immense scrutiny based on growth, sustainability, their contribution to society and innovation.
(Source: TBI)
Source: Iraq-BusinessNews.com.
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By John Lee.
Talks are reported to be continuing between Germany’s Siemens and the Iraqi Ministry of Electricity regarding a major investment in the country’s electricity infrastructure.
Lisa Davis (pictured), CEO of the Siemens Gas and Power Operating Company, and member of the corporation’s managing board, told The National last week that “discussions are ongoing”, adding, “we’re working on their timeline and within their structure to getting there as effectively as they can to bringing the projects to reality as they need.”
Following a hotly-contested competition last year, it was agreed that Siemens and GE would share the work to upgrade they system, with GE supplying 14 gigawatts (GW), and Siemens 11 GW.
(Source: The National)
Source: Iraq-BusinessNews.com.
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Iraq Britain Business Council (IBBC) has announced that Al Maseer Insurance Company has joined the Council.
Founded in 2011, Al Maseer provide a range of insurance products covering the key sectors in Iraq: construction insurance, energy insurance, agriculture insurance, health insurance, marine insurance, motor insurance, property insurance.
Chairman and* co-founder, Arak Fadhil Hameed Al-Bayati, said the company is currently researching special cover for farms, loss of profits after a fire, and professional indemnity.
(Source: IBBC)
Source: Iraq-BusinessNews.com.
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In December 2017, Iraqi authorities announced that they had completely freed areas previously controlled by the Daesh terrorist organization.
Today, Iraq has entered a crucial phase of national reconciliation, stabilization and reconstruction of freed regions. These actions are essential for a lasting victory against terrorism and the return of displaced persons.
Humanitarian and stabilization assistanceFrance and its partners have continued their efforts, and are standing alongside the Iraqi people and Government in order to assist the most vulnerable populations, revitalize the economy and rebuild the country. For example, multi-sectoral emergency assistance (food aid, basic healthcare and essential goods) was provided to almost 200,000 displaced persons during the battle of Mosul.
Since 2017, France has dedicated €60 million to humanitarian and stabilization assistance activities in Iraq, including €20 million to the stabilization of the city of Mosul.
During a visit to Iraq on 26 August 2017, the Minister for Europe and Foreign Affairs, Jean-Yves Le Drian, and the Minister for the Armed Forces, Florence Parly, also confirmed that a budgetary loan of €430 million would be granted to the Iraqi Government.
In addition, France runs humanitarian and stabilization assistance activities through United Nations agencies such as the UN Refugee Agency (UNHCR) and the World Food Programme (WFP). It has contributed €7 million to tools developed by the United Nations Development Programme (UNDP) in Iraq.
Projects in various fieldsSecurityRestoring security is essential to ensure that displaced people can return voluntarily to regions freed from Daesh control.
As part of the Global Coalition Against Daesh, France is providing military support to local forces working to secure recently freed Iraqi regions, in order to prevent the resurgence of the Daesh terrorist movement.
France is also helping to train Iraq’s internal security forces in the fields of democratic crowd management, mine clearance (including chemical and underwater mines), and post-attack scene management.
HealthIn the projects supported by France, special emphasis is placed on the health of Iraqi people. In addition to contributing emergency humanitarian assistance, France has implemented programmes to support health infrastructure (hospitals, health centres in camps and mobile clinics) and provide psychological treatment to populations, who are often traumatized.
France is also strongly committed to rehabilitating the University of Mosul’s College of Medicine, which trains medical staff throughout the Nineveh Plains and beyond. The College was badly damaged during fighting. Today, as a result of France’s commitment and UNDP support, it has been completely rebuilt. It has welcomed a number of students since the start of the 2018 academic year.
Education and support for displaced populationsEducation is a priority of France’s assistance. In addition to supporting the University of Mosul, France has committed to programmes rehabilitating schools in the most hard-to-access areas.
It has financed informal educational support projects for children who had no access to education during the Daesh occupation, with a view to reintegrating them into Iraq’s public school system.
Child protection training and campaigns raising awareness of children’s rights have also been implemented by NGOs.
National cohesionA united Iraq, where all components of society are respected, is essential to ensure that the stabilization process is inclusive and has lasting results. The country must not only focus on physical reconstruction, but also on reconciliation.
France therefore pays special attention to the victims of ethnic and religious violence. A special fund finances projects led by NGOs aiming to respond specifically to the needs of these communities and to encourage their return to their home villages, towns and cities.
At the Paris Peace Forum in November 2018, the French President lent his support to Nadia Murad, Nobel Peace Prize winner in 2018, who has launched a fund to rebuild Iraq’s Sinjar region, which suffered heavily under Daesh. France will contribute €2 million to this fund, which will be used to build infrastructure such as schools and hospitals, create revenue-generating structures, foster the return of displaced Yazidi populations to their lands, among other activities.
Cultural heritageThe ties between France and Iraq when it comes to preserving cultural heritage and archaeology are long-standing.
Three priorities have been identified in recent years in coordination with local authorities: combating trafficking, protecting works and safeguarding the memory of sites. Several training activities for Iraqi heritage preservation professionals have been planned in partnership with the Institut National du Patrimoine (INP) and the Department of Near Eastern Antiquities at the Louvre Museum to improve techniques to combat the trafficking of cultural goods and artefacts.
The Institut Français du Proche-Orient (IFPO) in Iraq, which has a branch in Erbil, has established cooperation with academic institutions in the areas of archaeology and cultural heritage.
In 2018, the Institut Français de Recherche à l’Étranger (IFRE) conducted several digitization and preservation projects on Iraqi sites with funds from the International Alliance for the Protection of Heritage in Conflict Areas (ALIPH).
Justice and fighting impunityFrance is committed to fighting impunity for crimes committed in Iraq and has taken every opportunity to make progress on this issue, particularly in the Security Council and other UN bodies. It is funding projects to document the crimes committed to provide information for investigations. Training activities to improve the skills of Iraqi law enforcement authorities are also being conducted to make criminal prosecutions more effective.
Interview : France’s action in IraqEric Chevallier, Director of the Ministry’s Crisis and Support Centre, explains France’s action to support the country’s stabilisation and reconstruction, and the humanitarian aid that we are providing.
(Source: French Ministry for Europe and Foreign Affairs)
Source: Iraq-BusinessNews.com.
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maybe they will need to account for the money freed for ending the practice of hoarding...
The Hoarding Phenomenon in IraqHoarding has always been a problem and a concern for many countries, especially after the latest technological developments and the subsequent achievements and huge savings in the incomes of the elements of production.The Central Bank of Iraq held Sunday 10/9/2017 a specialized seminar to analyze the hoarding phenomenon in Iraq. The seminar discussed the study prepared in this regard by the Department of Statistics and Research on this phenomenon and several topics were included, the most prominent topic was the statistical side and analysis (prediction).During the seminar, the Governor of the Central Bank, Dr. Ali Mohsen Ismail, pointed out that the Central Bank observes this phenomenon directly and that the available cash is not available as planned, and also that the Central Bank has a plan to solve this issue by drawing up plans and studies to attract money and profits within the banking system.The term "hoarding" is used as a translation of the economic term in the English language (Hoarding) and definition of hoarding in its economic sense that it is holding money and imprisoning it from circulation or keeping them in the boxes inside the house and not taking them out to trade in the markets.
I know how to attract both pretty quickly, and since you seem to have accountancy people set up, just let it rip.
$

January 21, 2019
A meeting was held at the Central Bank of Iraq under the chairmanship of the Governor of the Central Bank of Iraq and attended by the President of the Financial Supervision Bureau, the Chairman of the Securities Commission, the President of the Iraqi Accountants and Auditors, and the Vice President of the Iraqi Society of Certified Accountants and KPMG. The meeting dealt with the prospects of professional work and the legal requirements regarding auditing and professional consultancy provided by these companies.As well as the emphasis on the role played by these companies in various aspects and the need to develop legal frameworks for the practice of audit functions and advisory functions, and it was decided to hold a subsequent meeting at the headquarters of the Association of Accountants and Auditors to adapt things that were traded between different parties.
$​

Continued Winter Assistance Needed for Displaced and Vulnerable Iraqis: IOMAs winter temperatures set in, accompanied by winds and rain, the International Organization for Migration (IOM) in Iraq has completed the three-month distribution of 25,000 winter non-food item kits. Consisting of heaters, blankets and jerry cans, the kits meet the most urgent needs of 150,000 vulnerable individuals across the country.
IOM’s winterization assistance reached 13,000 displaced households in camps, thousands of displaced families in informal settlements, and thousands of others who have returned to their home communities.
“Although displaced households are continuing to return to their home communities, those remaining in camps or informal settlements are often the most vulnerable and have little to protect themselves against the cold winter conditions,” said Gerard Waite, IOM Iraq Chief of Mission.
In partnership with local governmental authorities, IOM prioritized distributions in hard-to-reach or insecure areas where other humanitarian partners are not present, such as in communities bordering Syria and in Qayrawan and Hatra, in Ninewa governorate.
Of the 1.8 million persons who remain displaced as a result of the conflict with ISIL, over 500,000 are in camps and 140,000 live in critical shelter arrangements (informal settlements, schools or religious or abandoned buildings). More than four million people previously displaced have returned to their homes since mid-2015, but many continue to live in precarious conditions.
As people return home, many have found their personal belongings stolen and their houses damaged. With massive destruction in areas of return and limited economic opportunities, returnee households are exposed to the harsh effects of winter and are unable to afford items to cope with the cold.
The provision of humanitarian assistance in areas of return is therefore critical to support the reintegration of returning displaced families and other vulnerable households in conflict-affected communities.
“After being displaced for a year and a half in the city of Kirkuk, we returned to our village, which was destroyed by ISIL. Everything was damaged, including our house and shop, which was our only source of income. We had to start our life from scratch, while our deteriorating financial condition and cold weather forced us to use firewood as a heating source during the chilly winter nights. We are very happy to receive these items, now we will have a heater to stay warm,” said Nora, a mother of four children, at a distribution in Al Abassi district, Kirkuk governorate.
“Despite the success of this winter response operation, we are extremely concerned for the many Iraqis who remain in displacement who will have to endure another harsh winter in camps and in sub-standard shelters,” said Alberto Preato, Head of IOM Iraq’s Preparedness and Response Unit.
“This year we are piloting innovative approaches to housing reconstruction and cash-based humanitarian assistance to enable displaced families return to their home communities,” he continued.
IOM’s winter non-food item kits are funded by the Office of US Foreign Disaster Assistance (OFDA) and the European Civil Protection and Humanitarian Aid Operations (ECHO).
As more displaced families attempt to return home, IOM remains committed to supporting the Government of Iraq to seek durable solutions for vulnerable displaced persons and address needs of conflict-affected communities throughout the country.
Click here to watch a video of an IOM staff member speaking about winter support for displaced Iraqis and returnees.
(Source: UN)
Source: Iraq-BusinessNews.com.
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By Fazel Hawramy for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
For about 10 years, the Kurdistan Democratic Party (KDP), which controls Erbil and Dahuk provinces in Iraq, has enjoyed close working relations with the Turkish government on trade, energy and security. The main architect of this*opening has been the KDP’s Nechirvan Barzani.
The KDP, unlike other Iraqi Kurdish groups, has also acted as a counterweight since the 1990s to the formidable*Kurdistan Workers Party (PKK) guerrilla movement — Turkish President Recep Tayyip Erdogan’s archenemy —*by allowing Turkey to establish a number of military bases to monitor PKK activities.
However,*Barzani, prime minister of*the Kurdistan Regional Government (KRG)*since 2012, was not nominated by*the*KDP*to form the next KRG Cabinet. This is causing Erdogan to worry about the fate of a 50-year secretive energy deal made*with*Barzani in 2014.
Click here to read the full story.
Source: Iraq-BusinessNews.com.
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Iranian Foreign Minister Mohammad Javad Zarif met a group of Iraqi tribal leaders from south of the country in the holy city of Karbala.
During the last leg of his meetings with Iraqi officials, elites and representatives of Iraqi society from various ethnicities and regions, Zarif sat for talks with the tribal leaders and clans’ representatives of southern Iraq in the consulate of the Islamic Republic of Iran in the holy city of Karbala.
During the cordial meeting on Wednesday, some of Iraqi tribal leaders and representatives expressed their views and ideas about the strong bonds between the two nations of Iran and Iraq, Foreign Ministry website reported.
For his part, Iran’s top diplomat referred to the close relations between the two nations over the past centuries and pointed out that nothing, even the imposed war by the former dictator of Iraq on Iran, could not separate the two nations.
“The love of the third Shiite Imam, Hussein ibn Ali (AS) has served as a bond connecting us together,” he said, adding that Arbaeen, the anniversary of 40th day after the martyrdom of Imam Hussein (AS) is a beautiful picture of companionship, self-sacrifice, hospitality and sympathy between the peoples of Iran and Iraq.
He also thanked Iraqi tribes for their warm hospitality to the Iranian pilgrims flocking to the holy cities of Najaf and Karbala each year to commemorate Arbaeen.
Zarif then underlined that Iran and Iraq are now involved in the construction process and added the two sides should put their focus on improving the living conditions of their people through overcoming the current obstacles and preparing the ground for further economic cooperation.
“Building on the two sides’ capacities, we can increase our annual trade volume by 20 billion dollars and if the ground is prepared, the Islamic Republic is ready to proudly share its achievements in energy, engineering, agriculture and trade areas with the Iraqis,” he concluded.
Iranian foreign minister arrived in Iraq on Sunday afternoon and held separate meetings with various Iraqis officials from the central government in Baghdad to Kurdistan semi-autonomous region.
(Source: Tasnim, under Creative Commons licence)
Source: Iraq-BusinessNews.com.
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This will all be made public, it will shock a lot of Americans, when they realize what many of their brothers have been saying for decades is true.
If you're fit, stand up and represent, future generations depend on our doing the right thing now. Liars, thieves, and abusers must go. The current administration is accomplishing what was promised, and I think it's going to be HUGE.

Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 17th January 2019).
Please click here to download a table of listed companies and their associated ticker codes.
The RSISX index ended the week at IQD642 (-4.4%) / $691 (-4.4%) (weekly change) (-2.5% and -2.7% YTD change, respectively). The number of week traded shares was 28.1 bn and the weekly trading volume was IQD10.2 bn ($8.4 mn).
ISX Company Announcements
According to the ISX announcement, the opening price of the IQD5.0 mn class bonds (CB125) will be IQD5,322,192 on Sunday (Jan. 20, 2019).
As part of the contribution to support the Iraqi economy, the Central Bank of Iraq (CBI) announced that through its IQD1.0 trln initiative given as a maximum amount for SME projects, it gave more than IQD33 bn during 2018. Since the start of the project in May 2015 until the end of 2018, IQD73 bn were given to projects, where the trade sector got 59%, services 25%, industrial 12% and agricultural sector 4%. The initiative includes 34 banks, 33 private banks and one state bank, while the loans for these projects ranged from IQD5 mn to IQD50 mn, it could reach IQD100 mn if it is approved by the Central Bank. (CBI)
Commercial Bank of Iraq (BCOI) resumed trading on Jan. 17, 2019 after discussing and approving 2017 annual financial results and deciding to distribute 3.5% cash dividend (7.3% dividend yield).
Ashur International Bank for Investment (BASH) resumed trading on Jan. 17, 2019 due to disclosing its 9M18 financials.
Bain Al-Nahrain Investment (VMES) resumed trading on Jan. 17, 2019 after discussing and approving 2017 annual financial results.
New shares of Al-Hamraa for Insurance (NHAM) from the capital increase from IQD5 bn to IQD7 bn through 40% bonus issue resumed trading on Jan. 16, 2019.
ISX requested Al Taif Islamic Bank to submit the required documents in order to start trading on the ISX as an Islamic bank.
Modern Animal & Agricultural Production (AMAP) was not suspended from trading on Jan. 14, 2019 because the company fulfilled ISX request to explain why the prices touched the higher limits on Jan. 8, Jan. 9, Jan. 10 and Jan. 13, 2019. The company disclosed that they started the legal procedures to own Soft Dairy Factory (Alban Al-Rfq) and the company also added that it started maintenance and adding new equipments in Halal Dairy Factory (Al-Halal) which will lead to increase production and quality of production.
Cross Transactions: 24.7 bn shares of Trust International Islamic Bank (BTRU) on Jan. 14, 2019, which represents 9.9% of BTRU capital.
Source: Iraq-BusinessNews.com.
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GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers.
Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country.
Please click here to download the latest report free of charge.
For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com
Source: Iraq-BusinessNews.com.
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Tuna, this is the first time anyone I have seen anyone post about Warka physically kicking something back via physical mail. Although I myself have some personal experience with a similar situation where Mr. I himself choose to return a "package" back, and he and I both were pleasantly surprised it did indeed make it back. (say no more)
Based on what you described about the UPS package condition, it arrived, it appears they opened it, reviewed it, and just now they choose to reseal it and send it back, hopefully with all intact. I am surprised it came with no explanation inside or follow up e-mail messages though. I am sure you have already generated some e-mail traffic to them asking WTF?
One must agree it is a good thing they did indeed choose to send it back rather than put it into the Allahu Akbar brand shredder.
Those are fairly valuable copies of personal documents to loose track of, and in a way they did you a favor by sending them back, they can be now applied to opening another account possibly with Al-Kamal brokerage, and James here can provide some guidance there for that path if you so desire.
Aside from that the question remains ............... why did they send it back?
my guess...........
they looked it over and saw something wrong, data missing, and was unable to proceed
they looked it over and a call came in from the booth and a "delay of game" plenty was called as it was beyond the stated proxy deadline, as well as the overtime extension period
they have shut down the Warka ISX brokerage department and were cleaning out old business
they have re-activated the Warka ISX brokerage department and saw it was in limbo and needed to close out old business

Crazyfrank- it was pretty demolished looking to be honest so it was hard to tell. My initial thought that was it was a return to sender because it had my original label with my address circled on it and and something written in Arabic. But the envelope looked like it might have been opened and taped back together. So I'm not really sure. I didn't see a new label or postage on it.
Investindinar- no, I've emailed several times and haven't gotten a straight answer from them. They have responded without answering my question exactly like they did to you.

I would like to know the answer to that question too, crazyfrank.
By the way, spacetuna, did you have any stock shares formerly with Al Warka transferred over to the ISX? I requested those folks to do just that, back in February 2018, but so far, my questions on the whereabouts of my stock shares have never been answered. I would like to know what they did with my shares, and whether or not they sold them outright, after I asked them to transfer all of them to the ISX.
Every time I send them a query on the status of my stock shares, all I get is some form of 'boiler plate' letter restating what they said earlier in February 2018. In effect, that if we didn't send over the certified documents signed off by the Iraqi embassy, etc., those shares would be sold off and the proceeds deposited into our bank account with Al Warka.
investindinar

To expand on this a bit now, was this paperwork repackaged by Warka in a new package? as if they received it, opened it, reviewed it, and then decided repack and send it back to you?
or was it like a "return to sender" thing, as if it was never delivered?

So, probably unrelated.... But yesterday via UPS I received the paperwork that I had sent to Warka Bank back at the beginning of last year. The forms so that our stocks held in proxy could be transferred to the ISX. Kind of weird for them to mail it back to me after a year had gone by.

ok well as one might have expected the translation needs a translation.............I made a follow up on this and from what I was told, this letter is the CBI asking all banks to confirm that all banks in country have already uninstalled/halted/canceled charging any percentage commissions on any currency exchanges/deposits below $30 US dollars. The translation tends to indicate something along those lines, but it is vague still.
I find it odd that they use the $30 amount threshold, as well as using the US Dollar value to benchmark something like this.
The speculation on this indicates this is a preliminary move, as if a pending currency value change is foreseen, and any commission charges would be detrimental at that amount, and negate/offset any commissions on exchanges below that threshold.

I used a piccy translator for the main portion :
To all banks/did you uninstall update Commission greetings. Later in our book labeled with numbers/201879 3733/8/13 dated. Decide to cancel work organizational purposes 13 numbered our book in DD/207/20091 of/containing ' e 315 update (%) P n ()), below the $30 deposits (20 foreign dolaraalnkodih 30 banks in the Bank as of the date/20111/. with appreciation Dr Munther Abdel Qader shaikhali Deputy Governor 5/19/1 agency.